This Note sets out the FCA’s expectations and Simmons & Simmons’ suggested approach on updating UK authorised fund documentation in light of the continuing possibility of a hard Brexit. The contents are intended as guidance only - the approach each manager takes will depend on its wider Brexit preparations.

The Central Bank of Ireland’s (the Central Bank) Notice of Intention (the Notice of Intention) has provided guidance to UCITS and Retail Investor AIFs on the eligibility of investments and OTC counterparties in the event of the UK leaving the European Union (EU) on 29 March 2019 without a withdrawal agreement in place (a Hard Brexit).

If the UK leaves the European Union (EU) without a withdrawal deal (a Hard Brexit), EEA firms and funds which want to make use of the UK’s Temporary Permissions Regime (TPR) must notify the FCA of their intention before close of business on Thursday 28 March 2019.

On 02 March 2019, Spanish Royal Decree-law 5/2019 of 01 March 2019 was published, providing a temporary permissions regime (TPR) in the event that the UK leaves the European Union without a deal (a Hard Brexit).

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